When economists say that firms are "price takers," they mean: O Firms sell at the price set by price regulators. Firms must take whatever price customers are willing to pay. Firms must sell at the...

Q6

Extracted text: When economists say that firms are "price takers," they mean: O Firms sell at the price set by price regulators. Firms must take whatever price customers are willing to pay. Firms must sell at the market price charged by all other competitive firms. Firms must take prices below costs. Firms can take more profits from customers by charging higher prices.